Germany plans to borrow approximately 20% more than initially projected in the upcoming months, to support a significant rise in expenditures. It’s all part of Chancellor, Friedrich Merz’s strategy to rejuvenate the country’s sluggish economy and strengthen its military capabilities. The cabinet has approved the annual budget and a mid-term financial plan as well, outlining around €500 billion in net new borrowing through 2029. Under the changes, spending on defense alone will hit roughly €162 billion by 2029. The new plan is projected to raise defense spending to 3.5% GDP by 2029, six years earlier than originally predicted. The increased…
Author: Mohamad Rachidi
Sweden’s government has revised its economic growth forecast for this year downward, for the second time in three months. The adjustment reflects a weaker outlook for consumer spending and potential risks associated with U.S. trade policies. Expectations of a robust recovery in the largest Nordic economy have diminished in recent months, primarily due to geopolitical uncertainties. This prompted the Riksbank, the central bank of Sweden, to reintroduce monetary easing measures last week.
US consumer confidence saw an unexpected drop this month, highlighting ongoing worries about the economy and job market due to increased US import duties. According to data released on Tuesday, the Conference Board’s confidence index fell by 5.4 points to 93. This figure was lower than all predictions in a Bloomberg survey of economists.
His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah contacted Qatar’s Amir Sheikh Tamim bin Hamad Al Thani following a missile attack by the Iranian Revolutionary Guard Corps (IRGC) on Al-Udeid air base. In a show of solidarity, His Highness the Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah led a meeting of the Supreme Defence Council at Bayan Palace, joined by His Highness the Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah. Kuwait’s Foreign Minister Abdullah Al-Yahya affirmed Kuwait’s unwavering support for Qatar, emphasizing unity in the face of threats to security and stability. Kuwait’s Ministry of Foreign Affairs strongly condemned…
The Chairman of the General Authority for the Suez Canal Economic Zone, Walid Gamal el Din, greeted and met with a delegation from China’s Jilin Chamber of Commerce, which included representatives from 20 companies operating across various industries and sectors. Gamal El-Din highlighted Egypt’s political and economic stability which has directly contributed to increasing and improving the investment landscape within the zone. The meeting’s goal was to explore investment opportunities and to strengthen economic ties between Egypt and China for the present and the future.
Analysts have often depicted the rivalry between the United States and China as a showdown between two nations with contrasting roles in the global economy. Historically, China has taken on the role of the producer, while the U.S. has been the consumer. However, both countries are now eager to adopt each other’s strengths in a bid to rebalance their economies. A crucial question raised in a Foreign Affairs analysis is whether the U.S. can make up for the production it has lost from China faster than China can fill the gap in consumption left by the U.S. In their thought-provoking…
The Egyptian Minister of Public Enterprises, representing Egypt, participated in the 17th U.S.-Africa Business Summit. Minister Mohamed Shemi emphasized Egypt’s commitment to enhancing economic cooperation and partnerships with Africa and the United States, supporting long term sustainable regional development. The summit serves as a significant platform for exploring business opportunities and fostering partnerships and took place from June 22 to 25 held in Luanda, Angola.
Kuwait, June 2024 (KUNA) — Kuwait’s history is rich and eventful. Back in 1904, Sheikh Mubarak Al-Sabah, the seventh ruler of Kuwait, welcomed a British representative, Colonel Knox, who arrived in August that year. Fast forward to 1960, when Kuwait’s Amir, Sheikh Abdullah Al-Salem Al-Sabah, introduced a law to regulate civil aviation. Then in 1986, the parliament saw four interpellation motions aimed at various ministers, including the Minister of Communications, Issa Al-Mazidi, over fee collections, and the Minister of Finance and Industry, Jassem Al-Kharafi, concerning some irregularities in the insurance fund for stock transactions. Unfortunately, these motions never got a…
Kuwait’s Directorate General of Civil Aviation (DGCA) announced the temporary closure of the country’s airspace as a precautionary measure to ensure security and safety. This decision aligns with similar actions taken by neighboring countries, amid recent regional developments. The DGCA statement stressed that the move is part of efforts to maintain the highest levels of safety and security. The DGCA stated that it is coordinating fully with local and international authorities to monitor developments and implement necessary measures. Travelers and airlines were urged to stay updated through official channels and cooperate with relevant authorities in adhering to this decision.
